In the first quarter, in the euro area, wage growth accelerated to 2.5% in annual terms from 2.3% in the previous quarter. This was reported by Eurostat. The weakening of external demand has a negative impact on the euro area economy, while a strong labor market, including wage growth, can support the economy by increasing consumer spending. Wage growth in the first quarter was the most significant since the beginning of 2010. In the specified period, employment also grew, unemployment continued to decline, which increased consumption levels, accelerating economic growth. The wage rate per employee increased in the first quarter by 3% in annual terms, noting the highest growth rate over the past 5 years.
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